Question 5 6 pts A corporation has a taxable income of $7,126,727. At this income level, the federal income rate is 48%, the state tax rate is 19%, and the local tax rate is 8%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (48 + 19 + 8)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? %. Round to the nearest tenth of a percent (one decimal place). Question 5 6 pts A corporation has a taxable income of $7,126,727. At this income level, the federal income rate is 48%, the state tax rate is 19%, and the local tax rate is 8%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (48 + 19 + 8)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration? %. Round to the nearest tenth of a percent (one decimal place)